If you work in an artistic or creative field, life can get busy, and purchasing life insurance may be the last thing on your mind. As an artist, your career may not follow a traditional path, and your income and benefits may be less reliable than in other careers. This makes it crucial to explore life insurance to ensure that the people who matter most to you will be protected in the event that you pass away unexpectedly. In this article, we’ll outline why life insurance is essential for an artist or creative and explore the right types of coverage to consider as an individual working in these fields.
Why do artists and creatives need life insurance?
As an artist or creative professional, there are a number of reasons why having life insurance coverage may benefit you and your loved ones, including:
Financial Protection: Life insurance provides financial support and income replacement to your loved ones when you pass away. As many artistic and creative careers don’t offer traditional income or benefits, having life insurance can offer your family peace of mind and financial security.
Covering Debts: If you have debts such as a mortgage, loans, or business expenses related to your artistic or creative career, life insurance can help cover these obligations after you pass away, preventing your family from inheriting these burdens.
Estate Planning: Life insurance can be used as part of your estate planning to ensure that your artistic work and assets are preserved and passed on according to your wishes.
Legacy Preservation: Life insurance can also be used to fund trusts or other arrangements to preserve your artistic legacy, support artistic endeavors, or donate to artistic causes after your passing.
Best Types of Life Insurance for Artists and Creatives
When you’re shopping for a life insurance policy as an artist or creative, there are two primary types you’ll want to consider, permanent and term coverage:
Permanent Life Insurance: Permanent life insurance is a type of life insurance that provides coverage for your entire lifetime as long as you pay the premiums as specified in the policy. It offers lifelong protection and includes a cash value component that can accumulate over time. Upon your passing, a tax-free death benefit is paid out to your designated beneficiaries, providing financial security for your loved ones.
Term Life Insurance: Term life insurance is a type of policy that provides coverage for a specified period, or "term," typically ranging from 10 to 30 years. This insurance will offer a death benefit to your beneficiaries if you pass away during the term of the policy. It may be a great fit if you have an artistic career because of its flexibility and affordability. Since you only buy as much as you need, term life insurance can be appealing if your financial circumstances and priorities are evolving as an artist with an unconventional income.
No medical exam life insurance is a type of term life insurance that allows you to forgo the medical exam and receive coverage in under an hour. When you work with SelectQuote, people under age 60 and in generally good health can qualify for up to $5 million in coverage. This option may be especially beneficial for creatives and artists since the convenient online process makes getting life insurance easy if you have an inconsistent schedule or a busy and demanding career.
SelectQuote Can Help You Find the Right Life Insurance for Your Needs
If you’re an artist or creative who wants to purchase life insurance but doesn't know where to start, look no further than SelectQuote. Our process is quick and easy, with our experienced licensed insurance agents doing the shopping and quote comparison process on your behalf. We’ll find the right fit for your needs in just minutes so you can continue to pursue your artistic endeavors with peace of mind that your loved ones will be protected.
